Photo by S O C I A L . C U T on Unsplash
Net absorption was at -29,000 square feet.
Due to weak leasing momentum, the Grade A office market recorded net absorption of -29,000 square feet in August, data from JLL showed.
This is despite the overall vacancy rate remaining flat at 9.6% by the end of the month.
Net effective rents likewise fell in August by 0.3% MoM. There was also a drop in rentals in the Central (-0.4%) and Causeway Bay (-0.3%) submarkets.
The average monthly rent for Grade A offices now stands at $56.8 per square feet.
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